Within his newly released memoir, called Ithaki, the ex- premier Tsipras does not hold back as he revisits the chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, he selected that unorthodox academic Yanis Varoufakis to be his treasury head largely because of his international reputation along with his “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more of a celebrity rather than an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis had a personal agenda which involved advancing Varoufakis's publications as well as testing out his own economic models using Greece instead of genuinely advocating the country's economic stability.
He wrote how those talks to prevent insolvency were “not only a way to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During tense discussions, Greece came dangerously on the brink of exiting the single currency area.
On the line was both the country's future and the punishing austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those harsh conditions were subjected to a popular referendum, a move that threw Europe into deeper existential crisis.
Although the referendum was won decisively by voters against austerity, Tsipras was forced to reject its outcome and agree to a bailout package with creditors which proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes how his former ally demonstrated himself “unfit for a deal demanding complex and delicate handling.”
He also wrote how his aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The account of history has been met with fury and shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
